FleetCor Technologies (FLT) Raised to “Buy” at Zacks Investment Research
FleetCor Technologies (NYSE:FLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $228.00 price objective on the business services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.98% from the company’s current price.
According to Zacks, “FleetCor is a leading independent global provider of fuel cards, commercial payment and data solutions, lodging and transportation management services, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. They also provide a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. “
Several other research analysts have also recently commented on FLT. Wells Fargo & Co set a $225.00 target price on shares of FleetCor Technologies and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Oppenheimer restated an “outperform” rating and issued a $185.00 target price on shares of FleetCor Technologies in a research report on Tuesday, September 26th. Citigroup upped their target price on shares of FleetCor Technologies from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. Morgan Stanley upped their target price on shares of FleetCor Technologies from $189.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, November 2nd. Finally, Barclays upped their target price on shares of FleetCor Technologies from $180.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $194.85.
Shares of FleetCor Technologies (NYSE FLT) opened at $201.80 on Wednesday. The firm has a market cap of $18,070.00, a PE ratio of 34.32, a P/E/G ratio of 1.27 and a beta of 1.53. FleetCor Technologies has a 12 month low of $121.52 and a 12 month high of $206.20. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.84 and a current ratio of 0.84.
FleetCor Technologies (NYSE:FLT) last posted its earnings results on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, topping the consensus estimate of $2.14 by $0.04. FleetCor Technologies had a net margin of 25.66% and a return on equity of 20.99%. The firm had revenue of $577.90 million during the quarter, compared to analysts’ expectations of $576.78 million. During the same quarter in the prior year, the firm earned $1.92 EPS. FleetCor Technologies’s quarterly revenue was up 19.3% on a year-over-year basis. analysts expect that FleetCor Technologies will post 7.76 EPS for the current year.
In other news, insider Kurt Patrick Adams sold 7,099 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total value of $1,206,830.00. Following the completion of the transaction, the insider now directly owns 9,246 shares in the company, valued at $1,571,820. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. lifted its stake in FleetCor Technologies by 207.3% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,708 shares of the business services provider’s stock valued at $967,000 after purchasing an additional 4,525 shares during the last quarter. Davidson Kempner Capital Management LP acquired a new stake in FleetCor Technologies during the third quarter valued at approximately $11,608,000. California Public Employees Retirement System lifted its stake in FleetCor Technologies by 4.5% during the third quarter. California Public Employees Retirement System now owns 170,177 shares of the business services provider’s stock valued at $26,338,000 after purchasing an additional 7,377 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in FleetCor Technologies by 31.2% during the third quarter. Ameriprise Financial Inc. now owns 1,701,521 shares of the business services provider’s stock valued at $263,344,000 after purchasing an additional 404,670 shares during the last quarter. Finally, Kensico Capital Management Corp lifted its stake in FleetCor Technologies by 52.5% during the third quarter. Kensico Capital Management Corp now owns 450,000 shares of the business services provider’s stock valued at $69,647,000 after purchasing an additional 155,000 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.
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FleetCor Technologies Company Profile
FleetCor Technologies, Inc is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. Its products are sold to businesses, retailers, oil companies and marketers and government entities.
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